Many people within the cryptocurrency industry keep a close eye on the Grayscale Bitcoin Trust. Over the past three months, that trust has significantly increased its BTC holdings.
While this is not an official market sentiment indicator, the figures remain interesting to keep an eye on.
Grayscale Bitcoin Trust is the largest publicly accessible trust associated with the world’s leading cryptocurrency.
As such, the amount of BTC held by this entity can give insights as to what the future may hold for the Bitcoin price.
As it turns out, the Grayscale Bitcoin Trust has increased its BTC holdings by over 60,000 Bitcoin in the past 100 days.
That is a significant amount, but also a very bullish sentiment.
When Bitcoin dropped below $4,500, it created excellent long-term buying opportunities for anyone involved in or exposed to the cryptocurrency industry.
Considering how the purchased BTC is also held by the entity for 6 months, there appear to be some bullish expectations by the GBTC team.
With this accelerating rate of acquiring BTC for its portfolio, GBTC sends a clear message to the industry.
Whether their sentiment is warranted, remains to be determined.
It is still too early to draw any conclusions as to what will happen to Bitcoin throughout the remainder of 2020.
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